Links in “Credit Unions”

In part due to credit unions reaching the milestone of 100 million members, CUNA is hosting a forum for Washington legislators regarding the regulatory burden on credit unions. It will be streamed online Wednesday. [9/15/14]

NAFCU backs a bill containing a points-and-fees fix which the House is set to vote on today. [9/15/14]

Although many legitimate businesses might participate in such activities, a new FinCEN advisory lists potential "red flags" for credit unions to detect human trafficking or smuggling, such as the frequent exchange of small-denomination for larger-denomination bills by a customer who is not in a cash-intensive industry and multiple wire transfers (generally below $3,000 reporting threshold) sent from many different locations in the US to a common beneficiary in a city on the Mexican–United States border, among others. See also. [9/15/14]

Rohit Chopra, assistant director at the CFPB and the agency's student loan ombudsman chastised the industry for lack of data, lack of transparency, failure to provide adequate loan modifications, and faulty servicer payment processing. [9/15/14]

Apple has set itself up for success with its long-awaited entrance into the mobile payments field by making transactions secure, private and frictionless. Here's how. [9/15/14]

If you need more ammunition to convince your members to move their checking accounts to your credit union, the data in this article could be invaluable. Banks are increasingly moving away from free checking accounts. Depending on a consumer’s spending habits, his or her bank checking account could cost over $700 per year. [9/12/14]

28 employees at NCUA made over $200,000 in 2013. General Counsel Mike McKenna tops the list with a salary of $249,881. [9/12/14]

An update on two insurance industry lawsuits regarding HUD's disparate impact rule and their potential impact on financial institutions. [9/12/14]

Capping overdraft fees would increase incentives for individuals to overdraw their accounts, decrease incentive for financial institutions to offer this product, and possibly shut out repeated overdrafters from depository institutions. [9/12/14]

Most think of student loan debt as a burden on the young, but the shocking fact is that many seniors have student loan debt and their numbers are increasing. In 80% of the cases, the seniors are paying back debt for their own college education and not the education expense for their children. [9/11/14]